Home Buying in 54901>Question Details

Judie, Home Buyer in 36062

I have an accepted offer on a condo, but my loan has not been closed yet and I no longer want to buy that condo. How do I back out of this contract?

Asked by Judie, 36062 Tue Aug 2, 2011

The bank that has our loan application has not approved the loan yet, and we have not signed anything with the banj except the loan application. The condo is being sold by the builder, It is the model and has never been ocupied

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So, how did this turn out for you? Were you able to get out of the transaction and have your earnest money returned?
0 votes Thank Flag Link Sat Aug 4, 2012
Since you haven not met the financing contingency just write a letter to your selling agent explaining that you wish to cancel the contract. There is a possibility that the seller may ask to keep your deposit/earnest money. But your request to cancel the contract should be in writing (e-mail or fax) addressed to your agent ASAP.
Good luck.
0 votes Thank Flag Link Tue Aug 2, 2011
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